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the imminent fiscal cliff poses a stashlg threat to the nation's economy and does say cooperation to resolve budget worries could boost u.s. growth. >> the realization of all of the automatic tax increases and spending cuts that make up the fiscal cliff ab isn't offsetting changes would pose a substantial threat to the recovery. >> the central bank chief urged the government and congressional leaders to take prompt action. president obama is negotiating for a resolution with republicans but bernanke says delays in reaching an agreement would raise uncertainty over the u.s. economic outlook. he added avoiding a fiscal cliff is essential for the american economy. bernanke says a plan for resolving the nation's longer term budgetary issues without harming recovery could make 2013 a very good year for americans. japan's trade balance for october sank into the red for a fourth straight month. exports plunged due to slowdown in the global economy and tensions over disputed islands with china. finance ministry officials released preliminary figures shortly before the financial markets opened. last
for the economy." ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. > uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets. >> susie: wall street and business leaders were pleased that bernanke was talking tough. and they said the fed's role in the fiscal cliff negotiations is to communicate. >> tell the world and the individuals in the political establishment that they have to help get their act together or we have a problem, and that notion of preaching from the pulpit that he has is very fundamental. >> susie: is there another role or more of a ro
and present danger to the u.s. economy and it is not just what happens if we go over the fiscal cliff, it is actually affecting the economy right now. a big drag of business confidence, businesses are already t doing very well, negative investment, really cannot afford to make the situation any worse and we have heard some members of congress talk about going over the fiscal clififf to teach the other parta lesson. that is not helpful. this is something that should be settled qukly. we know that we're probably going to have higher taxes out of the health care reform. now the payroll tax or they will probably go away. but a premium on in more taxes on the near-term dealing with spending and gettingext year without imposing a recession at american public. gerri: you take a lot of time to analyze what happens t this economif we go over the cliff. is it a big recession, it's a deep recession, what happens? >> it is a deep recession, you hear talk that it is a slow weakening. we can fix it in january and come back. we know the magnitude is large, $395 tax increase, $140 billion spending cu
is -- there are multiple variables. it's not just the fiscal cliff. our economy is interdependent, we are dependent on europe and china and those economies are slowing down. inevitably, there is going to be job losses and those losses will lead to fragment. then there's the fiscal cliff. some countries will realize if we don't stop borrowing or start paying off the debt, they will stop lending. i think i agree with bernanke. i don't know if we can truly prepare if it's going to happen, as individual people. some people live paycheck to paycheck. those people might not be able to do well if that does happen. host: we will go to frankie on the republican line from virginia. thanks for joining us. caller: yes, as far as the fiscal cliff, i was wondering about maybe raising taxes. q. what are they planning on cutting? i live paycheck to paycheck. i was curious as to what people are planning on cutting instead of just raising taxes? host: you said you are living paycheck to paycheck. are you doing anything to prepare in case the u.s. goes off the fiscal cliff? caller: just try to work to make a living.
in new york city. to find out where they stand on the fiscal cliff and the economy. here's what they told her. >> everyone is concerned all around the world. i think it's going to take -- and i'm not an economist, but listening to what everyone says, people i have great respect for -- it's going to take time and so much depends on what happens in europe and in asia and it's not just what happens in the u.s. but i still think that shouldn't discourage people from wanting to succeed and i think they have to be confident that you can do well even in tough times. >> i think we're always a bit scared about where the economy is globally and i think i'm not different from that. we just hope that it gets back on the right track and hopefully that's where it's going. >> i think it really causes the entrepreneurial spirit to thrive because people are no longer looking at the old mechanisms and the old ways that people are worried about wall street so they're not looking at wall street as a road. when they're thinking about finance, they're thinking about it in other ways. when they're thinking abou
are troublesome things. even if they resolve the fiscal cliff, higher taxes will mean less spending in the economy and less reasons to invest and hire more people. melissa: i don't even think resolving the fiscal cliff would make that much of a difference because businesses still face uncertainty scare them of making decisions. first it was about obamacare, and they were so upset and didn't want to spend any money. and then the election, they still didn't want to do anything. resolving the fiscal cliff will not make them feel any better because the resolution will be higher taxes. >> absolutely. and that is where businesses throw out, chamber of commerce, is ask why they are not doing something, it is uncertainty. they ar paid to manage in uncertainty. there's just a lot of nonsense. the economy is not moving along very well. the discussions will not resolve the fundamental problem from exploding entitlements and mammoth increase in spending imposed on america and now want americans to validate, that is why they are not investing. melissa: it is so true. a timed everybody blamed the weather. unsea
a question came up about the fiscal cliff. >> in the worst case scenario where the economy goes off the broad fiscal cliff i don't think the fed has the tools to offset that. >> and those words sent the markets lower yesterday and probably helped to contribute to tempt today. my take is the chairman is worried. for years he has been one of the only adults in the room. we know that but now he knows the nonadults are on the verge of creating a disaster that even the fed and the weapons can't counter act. bernanke knows how the economy is. falling off the cliff will send the economy back into the kind of recession a country does not quickly recover from. if you heard what the chairman was saying even without going over the fiscal cliff he is not expecting vibrancy. he is telling congress it is time to do your jobs. the fed has risked the value of our currency with massive money printing to compensate for washington's dysfunction. mr. bernanke made it clear congress and the president own this fiscal cliff. it is on them to overt the crisis. take a look at the day on wall street. the dow jones fin
.s. economy than the fiscal cliff. >> if it wasn't for his accommodation, all the qes, we wouldn't have to go over the fiscal cliff. in fact, ultimately, because of what the fed has done, we're going to have to go over a much bigger cliff as part of the solution to solve the problems that the fed helped create by allowing the government to get so big. >> is that fair, craig? >> it certainly is fair that long-term, what we've done with monetary policy could be a challenge. it could be a very big challenge. i don't think saying that if we -- if the fed hadn't done what they'd done, you wouldn't have to go off the cliff. i think you still have to deal with the fact that government spending has been too fast over the past -- well, since the recession ended. our gdp has grown at a rate of around 900 billion, while debt has grown at 1.7 trillion on an annualized basis. so at the end of the day, you have to deal with that. we've been living beyond our means as a country for too long and at some point, you have to pay a price for that. >> where does that leave you with your view of bonds? i mean, a l
ben bernanke gave a warning fix the fiscal cliff or we are headed for a severe recession, so far, no concrete proposals and i have to ask again, are we headed for a stalemate or can we find an economy saving common ground. let's talk. we have abigail disney. we'll have a sudden fiscal cliff? >> i worry about the damage that mighting done in fixing it. you don't think the tax increases that could come at the end of the year and the spending cuts of less 100 build, you don't think those would in deuce a severe recession and everybody on wastreet? >> they are not that big of rate increases so far. welcome to the show and what would you do about it? >> they are proposing letting the bush tax cuts stand for everyone because the top 2%. if you raise them and closing the interest loop hole, fixing the estate tax you come out to $100 trillion in savings. >> serious question, you have a famous name and we welcome you onto the program. do you record that as rich? >> what i regard is irrelevant haven't, the fact of the matter is they represent the bottom of the 2% of easternrners in the cou
to the economy. according to a new study the fiscal cliff could give 90% of americans new tax bills when the bush tax rates and some by president obama would both end. the working poor would be among the hardest hit. a tax policy center analysis showed a married couple making about $30,000 a year would on average go from receiving a $15 tax credit to owing $1400. >> wow. >> yeah. that's probably a reason to try and get something done? >> maybe we will. maybe we will. >> you would think. >> yeah. or maybe we can just talk about 2016. >> we could do that as well. how are you doing, willie? >> i'm doing well. >> good. just two weeks after the longest -- >> thanks for stopping by. >> doing well. >> you know, just two weeks after the longest, most expensive and exhausting election in u.s. history eyes are turning to 2016 as speculation begins over the next batch of candidates lining up to run for president. >> who could that be? i know it's going to be a surprise. >> i know it is too. we're moving past these dynasties. >> exactly. >> of ruled politics for decades. republican up and comer jeb bush jr.
nothing done and whether it is the fiscal cliff specifically for the economy in general, these people are there doing nothing, still they're the ones who helped get us into this mess. now they are back. let me ask you about one more thing. we keep hearing about companies like wal-mart paying dividends before the end of the year, realizing dividend taxes will go up, people can click ahead of time, same thing we are hearing about bonuses. it is easy to pay somebody their bonus december 25 of january 2 depending on the tax treatment. do you think that is going to impact gdp in the fourth quart quarter, that there is just a lot more cash realized, like mark peabody and we see a decline in the first quarter because of that, or not? >> the pull forward effects. that is something that is a risk, although quite honestly us economists have been marking down our fourth quarter gdp numbers, we're only now looking for growth at about 1.5% in the fourth quarter. the other thing to keep in mind is how much of that money would actually be spent, depends on how consumers are feeling. if they are feel
. with all these variables, elections, mideast, fiscal cliff, it seems as though there's only so much flight to safety bid you can push into the marketplace. some traders say that's why you didn't notice. in the old days, it would make a difference. yields are already most accommodative from a nervousness standpoint. i will tell you it was the number one conversation. and even though it really isn't about oil, that's the market everybody is trading to of course kind of play the headlines. >> michael, how about you? how does this impact the way you're allocating capital? >> well, as you know, our strategy is about 45% in cash while the prefunctory -- what we'll have left to boost us higher. i think the market does go higher. here's why. you have $85 billion each month from the federal reserve as far as balance sheet expansion. you have negative real interest rates that will be getting even more negative. i expect inflation to take off significantly early in 2013. >> but if you're sitting on 45% cash, that says to me you're still expecting more downside here. don't you think we've already seen
and the election. lou: your outlook? fiscal cliff, yes or no? do we go over it? if so, the consequences. >> we do not come by but not for the good reasons which i have heard you analyze. very little movement on tax rates next year. very little movement on spending generally a slight decrease. lou: no movement, are using the bush tax cuts will be allowed to expire? >> no. what i'm saying is that the bush tax cuts, but for a slight modification will persist in 2013. spending reductions, which were made by the forced sequester will not be made in the amount suggested and will be only modest, and it will be a reduction in spending it will be a modest reduction in the rate of increase in spending such the we will have a $1 trillion plus deficit next year. more of the same. lou: as always. >> thank you. lou: up next to illegal immigrants wants new privileges because, i hate to tell you, it looks like pandering is contagious. imagine that. and forget susan rice. not the plot -- the biggest problem with this administration we will demonstrate to you the gaping holes in the benghazi time line and some ext
to the "fiscal cliff," it might seem like a bad time for business to bet the farm. but that is exactly what some bay area businesses are doing. cbs 5 reporter mike sugerman shows us they are hoping today's risk will be tomorrow's reward. >> reporter: the company is called jive. these days business is anything but. >> we hired over 100 people throughout the course of 2012. we have opened a new office in san francisco. >> reporter: tony zingale runs the company a social software for the workplace and it's booming not falling off a "fiscal cliff" not concerned with dark clouds over europe. it sees itself on the leading edge of recovery. >> economic downturns always have an up turn at some point and the great companies are the ones that are prepared for that. >> certainly good times in san francisco or they are coming back strong. >> reporter: at the chamber of commerce they point to a lowering unemployment rate and more jobs led by tech, healthcare and tourism. where will they all sleep in where are they going to recline? on their power recliner? >> we're cautiously optimistic. >> reporter: that th
states going over the fiscal cliff. i think it would send a very dangerous significaal around th world, but it would also compromise our economy. >> and, quickly, there's a lot of speculation about what type of deal, what the deal will actually look like, talks perhaps coming to an agreement to have a mechanism in place that would have sizable deficit reduction and have sizable entitlement reform in 2013, a little bit now, a lot later. do you think it's possible in the lame duck to do a big deal or get a blueprint in place by january 1st? >> well, my best guess is, and it's just a guess, is that we have a blueprint and that we do make some changes. but that a commitment is made, not something as extreme as the sequester but a commitment is made for tax reform and other reforms that take place in 2013, but that we do enough to get us through the end of the year. i don't think it will be a completely kicking the can down the road because we can't because as my good friend from vermont says, you know, everybody's taxes will go up. i can't see that happen. i really can't. >> representative
fiscal cliff, the largest fiscal cliff, which according to our own analysis would throw the economy to the recession -- i do not believe the fed has the tools to offset that. that is why i believe it is important for the congress to address these fiscal issues soon and in a bipartisan way, a way that achieves the necessary long-term sustainability concerns the value of talk about recently, but also takes into -- i know you have talked about recently, but also takes into account how much strain will be experiencing in the next six months to a year from fiscal changes. >> let's have a question from the audience. >> you talk about the uncertainty of businesses because of all the things he mentioned. that is impacting decisions on investment. how much growth has been lost because of that, do you anticipate? >> it is neither here nor there, but when i was a graduate student 30 years ago i wrote my dissertation on the question of how uncertainty effects investment spending. i concluded it is not a good thing. [laughter] they gave me a ph.d. for that. [laughter] so it seems pretty clear --
to avoid the fiscal cliff. we do that, we believe our economy can take off. stakes are very high. we want to make sure all the players are together on this. >> when she spoke on friday, nancy pelosi said there should be a way to communicate to the markets the degree to which progress is being made. if there's any progress being made at all. how do you think that's going to happen? what should markets expect in terms of trial balloons, notifications from the white house, from congressional leaders? can the markets start to anticipate some movement on that front? >> have you to understand we only have a three to four-week period left in this congress. this is the lame duck session. i think what we would hope to be able to do to make a down payment on the debt to make a down payment on the fiscal cliff, to give some predictability as to how we'll work our way out of the current budget stalemate so the market knows at least we're working together in a positive way. i don't believe we can get everything done in the next three to four weeks but i think we can make significant progress, avoid th
the union threat, is the fiscal cliff a threat? doing a number on holiday shoppers? sandra, people are not shopping because they worried about the fiscal cliff, is this true? >>guest: they say they will change their habits. even if there is a deal goldman sachs saying consumers will be impacted but it is the thought of the so-called fiscal cliff that has consumers spooked. a study says half of u.s. adults say the impending cliff will impact their holiday shopping plans in some sort of way, and 18 percent of respondents say the fiscal cliff will have a large impact on their overall holiday spending this year. now, that being said, the sacrifices consumers will make over the holidays go far beyond the mall, we are talking about the sluggish economy, having an impact on other sacrifices that americans are making, their vacations, they have relied on relatives for air fare to get home and scoured the remember for travel deals to ensure they can get to grandma's house, with the slow committee forcing airlines struggling to save on jet fuel and other expenses to cut the number of flights
, today urged congress and the white house to strike a deal to keep us from plunging off the fiscal cliff. he says a compromise would prevent sudden and severe shock to our economy. if the two sides do not reach a deal, we know exactly what's going to happen. after new year's day, tax cuts expire for everybody. and deep automatic spending cuts take effect. economists say that could send us right into another recession. mike emmanuel live on capitol hill. hello, mike. >> shep, congressional sources say talks have been business like and productive and almost everybody realizes they're going to have to give a little to get this done. several senators mentioned entitlement reform when i asked about where to cut. >> reform doesn't mean you throw these programs out. you run them more efficiently. you look at the fraud or waste and abuse that's been identified and then you come into the revenue picture. you know. people will call me and say, we need to trim this program. good with me, but the problem is it doesn't generate the difference that you need to make here. >> nebraska senators calling f
together. >> spending cuts that make up the fiscal cliff absent offsetting changes would pose a substantial threat recovery. by the reckoning of the congressional budget office, the cbo, and that of many outside observers a fiscal shock of that size would send the economy toppling back into recession. >> let's translate that. according to the congressional budget office, falling off the cliff would cut the deficit but stop economic recovery in its tracks. now presidents in both parties usually try to put money in people's pocketses to stimulate the economy. president bush sent taxpayers a refund check while obama has cut payroll taxes. p falling off the cliff is a reversal of that approach. that's why the cbo estimates economic growth would drop under 1% to just .5%. and unemployment could jump over a point to 9.1%. heather, we know the costs, we understand this game because the republicans have been playing it for a while. do you think anything has shifted post-election in way that will actually get a deal done? >> i think what's really come to roost for conservatives has been the fact the
're looking at the fiscal cliff, the dollar holding into an 80, 81 range, and it will probably stay there until we start getting closer to the christmas holidays and when it comes to crunch time for the fiscal cliff, let's see how this shakes out. cheryl: i still can't believe the euro is as strong as it has against the dollar considering everything that is going on over there. while our economy seems to be strengthening, how do you explain that? >> there is a flight to safety. people leave europe is going to be able to pull this out. there is a lot of money brought in tinto all of this. you have japan pulling down, the yen is getting weaker and weaker. the flight to safety going to the euro dolla euro dollar and e u.s. dollar. let's wait and see how this plays out on monday, it ought to be very interesting. cheryl: it is never boring. let's go over to the nymex. tom, certainly not boring in the oil market in particular watching all of the news unfolding out of the middle east. how are you feeling? >> i'm glad it's wednesday, i'md i'm glad we are closed. up $1 on the open and gave i
. the fiscal cliff is a term used to illustrate drastic fiscal tightening if congress fails to reach an agreement by year's end. such a situation is feared to trigger a plunge in the economy. panetta warned that defense spending will be subject to drastic cuts if lawmakers failed to reach a consensus. >> the worst thing that could happen from my perspective is that they just kick the can down the road. all that would wind up doing is continuing to present a shadow over the defense department and for that matter, the rest of government. >> the defense department is already planning to reduce its budget by about $500 billion over the coming ten years. panetta has voiced concern that further cuts could undermine barack obama's new defense strategy that lays more emphasis on the asia pacific region. >>> japanese officials are scratching their heads about how to deal with sluggish trade. sales to foreign countries have plunged leaving japan in a trade deficit for the fourth straight month. finance ministry officials released preliminary figures shortly before the markets opened. the defic
trouble for h-p. plus, traders are placing bets on the fiscal cliff. find out how the odds are stacking up. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's wednesday, november 21st. i'm angela miles. in today's first look: turkey tracks - trading volume is expected to be lighter than normal toward the end of the session as traders head home for the holiday. yesterday trading was a mixed bag of small gains and losses with the exception of oil, which fell $2. fed chair ben bernanke is urging lawmakers to strike a deal on the fiscal cliff sooner rather than later, otherwise the nation will return to recession. the obama administartion formally proposed new rules on healthcare, including requiring coverage for pre-existing conditions and minimum health benefits for millions. and in earnings after hours, rallied on better-than-expected news, while the zale fell 10% as the company lost some shine on earnings. larry shover of sfg alternatives joins us now. those reports larry of cease-fire coming
bernanke is pushing for a compromise on the fiscal cliff. in a speech tuesday he said if president obama and congress can resolve the crisis unemployment would go down and the economy would grow. falling oil prices and an announcement that hewlett packard is taking a $9 billion write down. the dow lost just over seven points while the nasdaq was mostly unchanged. shares of home builders rallied on news that home construction jumped in october to a four year high. construction of apartment buildings was especially strong up 10%. and it looks like hostess's twinkie is cooked. the snack maker failed to reach mediation session. on monday a bankruptcy judge asked the two sides to meet. no agreement in place the judge will decide today if the maker of ho-ho, ding dongs and wonder bread can shut down their operations. hopefully other companies will swoop in and make those treats. >> it ain't over. you can't hold the twinkie down. >> i'm not sharing. >> ashley morrison here in new york. in sports this morning the lakers get a new coach and get a win. mike d'antoni made his debut as the lakers ne
're going to go back to the fiscal cliff discussion over and over again because unless we get our economy moving in a growing in the long run, these budget problems are going to occur over and over again. based on our work we have identified eight areas, as you mentioned, where we find broad consensus, where we believe that these things would really move the kneele in a reasonable timeframe, two, three, four years we would see impact and where there is really quite bipartisan support. number one is, indeed, a sustainable federal budget compromise. that is widely accepted by all sides. number two, easing highest skilled immigration. eskimo we need a broader immigration reform, but i still immigration is one of our abilities to really move rapidly day inject skill into the economy, fill jobs that we badly need to be felt here in america to sustain growth. it is not a long-term solution, but it is a critical step that we can take and would move the kneele. we have to simplify and realize -- realign the corporate tax cut. everybody agrees. we just did a survey that included lots of members of
there are people who agree with you. are you willing to stand that ground and not yield and go over the fiscal cliff rather than yielding on that position of marginal rates? >> kiffin important for us to solve this prblem i think with the economy flying solo and so slow, congress and the president ought not be creating turbulence right now. let's just solve this thing. let's all that the right way. melissa: i hear you. what do you do from there to avoid going over the cliff? >> i think the common ground is revenue. we know that we can balance and pay our debts and build that gdp, which is what are generating. eighteen, 18 and a half percent, @%different issue. we think we can work with the president and democrats to find a way to create new revenue, mean substantial revenue to start taxing. melissa: you think you have a proposal on paper laid out that is verclear because they say the math is not work. you think you can show them the math and bring a proposal to the president that generates enough revenue to convince them to back of the marginal tax rate think? >> absolutely. and in truth, rai
for locations for business, we'll go back to the fiscal cliff discussion over and over again. unless we get the economy moving and growing in the long run, these budget problems just are going to recur over and over again. based on our work, we have identified eight areas, as you mentioned, where we find broad consensus where we believe that these things would really move the needle in a republican time frame, two, three, four years, start to see impact, and where there's really quite bipartisan support. one of the areas, number one, a sustainable federal budget compromise. that's widely accepted by all sides. number two, easing high skill immigration now. yes, we need a broader immigration reform, but high skill immigration is one of our abilities to really move rapidly to inject a skill into the economy, to fill jobs we badly need to be filled here in america to sustain our growth. it's not the long term solution to the skilled problem in america, but, boy, it's a step to take now. it would move the needle. we got to simplify and realize the court -- realine the corporate tax code. everyb
, if we have the fiscal cliff, if we go over at the end of the year, that we go back into a recession, why would boehner be doing this? i mean, you look at the polls. 49% people polled say keep or expand obama care. only 33% say repeal it. that's the lowest percent for repealing the law since march 10th of 2010. so why would boehner even play with this. >> he's afraid of the special interest. remember, they were spending $14 million a day to lobby against obama care, which i'm glad we've embraced that term. the reality is the special interests who don't want to pay any tacks or as little as they can, who don't want to reform health care. they are still there. all of those guys who signed those pledges for grover norquist, they are still around. i think the and tea party was a fleeting moment. they are here one moment and gone the next. but the intrinsic interests who always want to push more and more of the costs of running society on the people who can least afford it, they haven't gone anywhere. that's why i said before, this is an organizing moment and we have an opportunity to pull ame
that central bankers can't rescue the u.s. economy if it goes over the fiscal cliff. paul is president of financial capital. given that we're talking about this so much with these guys not around, all we do is we keep showing how much time we have as it's ticking down. when they do get back, paul, how do you think that the deal looks if they do put one together, and do they get it done? >> good morning, and happy thanksgiving to y'all. we all know it's getting done, whether it gets done before christmas or in january, a deal's going to get done. i think also everyone knows taxes are unfortunately -- taxes are going to go up. i don't know it's going to be at the 250 level. maybe at the 500 or million-dollar level. but taxes are going to go up and expenses are going to get cut. so we all wish they would stop the jawboning and positioning and politicking, sit in a room with dulls, both give in a little bit and move on. but they're going to push and push and push and the markets will push a deal to get it done. >> so if you were trying to decide what to do, would you just stand pat with eq
. the fiscal cliff scenario, with its mandate for higher taxes and reduced federal spending is now just two months away. unless congress and the white house and have been this will happen. as "the wall street journal" reported friday, no doubt most companies would suffer if the u.s. goes over this cliff and economists say the tax increase in spending cuts full text my slow economic growth and will drive us into recession. my good friend terry duffy told wall street analysts last week what we've seen is corporations hoard cash from individuals with cash at the same time. there's so much uncertainty where to keep it, where it is safe and where does not. this is not the average course of business and people need to realize that. those of us outside of government must continue to make it clear to washington that compromise could no longer be considered a four letter word. in discussions and debates that prevented decisions from happening last year, we must move past that. it certainly has been a plus to hear both the president and house because the reputedly over the last two weeks that comprom
for wiz, we're going to -- for business, we're going to go back to the fiscal cliff discussion over and over again. unless we can get our economy really moving and growing in the long run, these budget problems just are going to recur over and over again. based on our work, we have identified eight areas -- as you mentioned -- where we find there's broad consensus, where we believe that these things would really move the needle in a reasonable time frame, two, three, four or years we'd start to see impact. and where there's really quite bipartisan support. what are those areas? number one is, indeed, a sustainable federal budget compromise. and that's widely accepted by all sides. number two, easing high-skilled immigration now. yes, we need a broader immigration reform, but high-skilled immigration is one of our abilities to really move rapidly to inject skill into the economy, to fill jobs that we badly need to be filled here in america to kind of sustain our growth. it's not the long-term solution to the skill problem in america but, boy, it's a critical step that we could take n
is as was mentioned the fiscal cliff, we are in the midst of a wide range of discussions about what the economy is going to look like going forward and what kind of tax changes need to be made. and when to call for an elimination of the ceiling for tax deductions on student loans. as you all know there is a limit on what one person can earn and still deduct the interest on their student loan payments. let's reward people who've taken the time to invest in themselves and not say once you burned beyond a certain number you can no longer take advantage of that deduction. because as you know, get into colleges super expensive to be getting through law school or doctoral programs or other medical schools is even more expensive, and we need to be encouraging people to take on the graduate school for example and not using money as a barrier to keep them out. i will close their. thanks. >> that's actually a very interesting idea that you have. so, i look forward to hearing about it today on msnbc. [laughter] >> it's my pleasure. [laughter] so, you know, i go to these things all the time, will go to the
Search Results 0 to 37 of about 38 (some duplicates have been removed)